The Competition and Markets Authority is to investigate potential ways to increase price competition in the payday loans sector, including setting up a price comparison website

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PAYDAY LOANS ’LACK COMPETITION’

Payday lenders could be forced to spell out the overall cost of defaulting on a loan more clearly up front and an independent price comparison website could be set up to help people shop around after a watchdog found an “absence of price competition”.

The Competition and Markets Authority (CMA) suggested the possible remedies after finding that a payday customer could typically save around £30 to £60 per year if the market were more competitive.

The CMA’s estimates suggest that collectively, UK payday loan customers would be £45 million a year better off if there were better competition across the market.

WATCHDOG VERDICT DUE ON ARMY CUTS

The Ministry of Defence is braced for fresh criticism when the Whitehall spending watchdog delivers its verdict on controversial plans to scale back the regular Army while building up numbers of part-time reservists.

Reports suggest that the National Audit Office (NAO) will raise new doubts over the ability of the MoD to increase the numbers of trained reservists from 19,000 to 30,000 by 2018 when it releases its findings today.

Publication of the report - which had been expected yesterday - was delayed amid behind-the-scenes wrangling over its conclusions.

TOP DOCTORS CRITICISE STATINS PLAN

A group of leading doctors has criticised plans to advise millions more people to take cholesterol-reducing statins.

The drugs are offered to as many as seven million people in the UK who have a 20% risk of developing cardiovascular disease within 10 years.

Draft guidance from the National Institute for Health and Care Excellence (Nice) has called for the NHS to widen this to cover people with just a 10% risk.

RED MEAT ’LINKED TO BREAST CANCER’

Eating a large amount of red meat in early adulthood could be associated with an increased risk of breast cancer, a new study suggests.

Substituting red meat with legumes - such as peas, beans and lentils - nuts, poultry, and fish could reduce the risk, it found.

Studies have found no significant association between the consumption of red meat and breast cancer, but the team of US researchers said that most previous research has been based on diet during mid and later life.

ADEQUATE LEVELS OF SAVINGS HIT PEAK

The proportion of people who are saving adequately for retirement has recovered to its best level since 2009 as the benefits of Government pension reforms and wider economic improvements start to be felt, a report has found.

Some 53% of people were found to be putting enough by for their old age, meaning they are saving at least 12% of their income or expecting their main retirement income to come from a “gold plated” defined benefits pension such as a final salary scheme, the annual Scottish Widows Retirement report found.

The total amount people have in savings and investments has reached its highest level in the 10 years of the study, at £40,000 per person on average.

TEENAGERS KILLED IN BALCONY FALL

Two teenagers have died after falling from a sixth floor balcony at a party in Deptford, south London, the Metropolitan Police said.

The 18-year-old man and 19-year-old woman were pronounced dead at the scene following what police believe was a “tragic accident”.

Officers were called to Knights Tower in Wharf Street by the London Ambulance Service shortly after midnight.

PASSPORT SERVICE ’HITTING TARGETS’

The Passport Office is meeting its targets despite “unprecedented” demand, Theresa May has told MPs amid claims delays could be set to derail summer holiday plans.

Speaking on the fourth day of the Queen’s Speech debate in the Commons, the Home Secretary said the impact of higher than usual rates of applications and renewals would be monitored closely.

Mrs May rejected claims from MPs that the service was at risk of breaking down and said resources had been increased.

’FORCE STRONG WITH UK FILM TALENT’

George Osborne has hailed the news that another Star Wars film is to be shot in Britain.

The Chancellor confirmed that Pinewood studios will be used to create another instalment of the famous franchise as he toured the set of Episode VII.